Setting Up a Business in Ras Al Khaimah Free Zone

Setting up a business in Ras Al Khaimah (RAK) Free Zone offers numerous advantages for entrepreneurs looking to establish a presence in the United Arab Emirates (UAE). With its strategic location, investor-friendly policies, and streamlined processes, RAK Free Zone has emerged as a preferred destination for business setup. In this comprehensive guide, we’ll walk you through the step-by-step process of establishing your business in RAK Free Zone, highlighting key requirements, procedures, and benefits along the way.

Understanding Ras Al Khaimah Free Zone

Before diving into the setup process, it’s essential to understand what RAK Free Zone offers to businesses. RAK Free Zone is a designated economic zone in the Emirate of Ras Al Khaimah, offering numerous incentives and benefits to companies operating within its jurisdiction. These include 100% foreign ownership, tax exemptions, full repatriation of profits, and streamlined business setup procedures.

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Choose Your Business Activity and Legal Structure

The first step in setting up a business in RAK Free Zone is to determine the nature of your business activity and select an appropriate legal structure. RAK Free Zone allows various types of business activities, including trading, manufacturing, consulting, and services. You’ll also need to decide on the legal structure of your business, whether it’s a free zone company (FZC), free zone establishment (FZE), branch of a foreign company, or a representative office.

Select a Business License

Once you’ve identified your business activity and legal structure, the next step is to choose the appropriate business license. RAK Free Zone offers several types of licenses tailored to different business activities, such as commercial licenses for trading, industrial licenses for manufacturing, and professional licenses for service-oriented businesses. Select the license that best suits your business objectives and activities.

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Reserve Your Company Name

Before proceeding with the incorporation process, you’ll need to reserve a unique name for your company. The proposed name should comply with RAK Free Zone’s naming guidelines and should not infringe on existing trademarks or copyrights. Once approved, the reserved name is valid for a specified period, during which you can complete the incorporation formalities.

Prepare and Submit Application Documents

With your business activity, legal structure, license type, and company name finalized, it’s time to prepare and submit the necessary application documents. These typically include:

• Completed application form
• Passport copies of shareholders and directors
• Business plan outlining your company’s objectives and operations
• Memorandum and articles of association (for FZC and FZE)
• Lease agreement for office space within RAK Free Zone
• No objection certificate (NOC) from current sponsor (if applicable)
• Any other specific documents required based on your business activity and license type

Ensure that all documents are accurately completed, signed, and notarized as per the requirements of RAK Free Zone authorities.

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Payment of Fees and Capital Investment

Upon submission of the application documents, you’ll be required to pay the applicable registration and licensing fees. These fees vary depending on the chosen business activity, license type, and other factors. Additionally, RAK Free Zone may require a minimum capital investment for certain types of businesses, which should be deposited into a local bank account in the UAE.

Company Incorporation and Licensing

Once your application is reviewed and approved by RAK Free Zone authorities, you’ll receive the necessary approvals and licenses to proceed with company incorporation. This typically involves:

• Issuance of the commercial license specifying your authorized business activities
• Registration of the company with relevant government authorities
• Allocation of a corporate identification number (CID)
• Issuance of shareholder and director identification cards

Ensure that you comply with all legal and regulatory requirements during the incorporation process to avoid any delays or complications.

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Visa Processing and Employee Sponsorship

With your company successfully incorporated, you can proceed with visa processing and sponsorship for yourself and any employees you plan to hire. RAK Free Zone offers streamlined visa procedures, allowing you to obtain residency permits for shareholders, directors, and employees quickly and efficiently. Visa sponsorship requirements may vary depending on the employee’s nationality, qualifications, and job role.

Benefits of Setting Up Business in RAK Free Zone

• 100% foreign ownership
• Tax exemptions and incentives
• Full repatriation of profits and capital
• Strategic location with access to regional markets
• State-of-the-art infrastructure and facilities
• Streamlined business setup processes
• Supportive regulatory environment conducive to business growth

Call Black Swan for Business Setup in Ras Al Khaimah Free Zone

Setting up a business in Ras Al Khaimah Free Zone offers entrepreneurs a host of benefits, including foreign ownership, tax exemptions, and streamlined processes. By following the step-by-step guide outlined above and leveraging the advantages of RAK Free Zone, you can establish a successful and profitable business in the heart of the UAE. With its strategic location, investor-friendly policies, and supportive ecosystem, RAK Free Zone continues to attract businesses from around the world seeking growth and expansion opportunities in the region.